I have a different technological perspective on this. Having traveled and lived in Asian, Chinese-majority cities/countries, this is a typical Chinese govt. move. In China, WeChat is a dominant player (by Tencent), a LOT of the transactions in China happen through WeChat, which offers seamless payments integration. The penetration is so strong that even poor, road-side sellers accept money through WeChat. Almost everyone has a WeChat account.

This in my personal opinion - is to prevent BitCoin from posing a threat to their homegrown technology industry, which is honestly no match for what we have in the Americas.

List of banned companies:

Google - Because they want to protect their clone Baidu.

Twitter/Facebook - Because they want to protect their clone Weibo.

YouTube - Because they want to protect their clone YouKu.

.

.

.

(it's a long list)

BitCoin banned - Because they want to protect their homegrown WeChat.

Just my opinion.